topic Re: Question about balance reporting... in Credit Cards

Question about balance reporting...

MoreInfo1 — Sat, 22 Mar 2014 13:31:27 GMT

I accidently double paid my Barclays credit card but I'm showing a negative available balance with a current balance below my limit. My statement will cut on the 23rd and usually reports to CRAs a day or two after statement cuts. How will my balance report on my credit reports?

Here's an example:

Credit limit: $1500

Balance: $500

Accidently paid $1000

Available balance: -$500

Available credit: $1400

Does Barclay normally do this if you accidently paid more than you owe? Unfortunately, I had pre-scheduled a payment, forgot I did, scheduled another payment (I thought I had checked payment history too but didn't see the first one so I scheduled it the second time), then they both came out of my account the same day two days later.

Re: Question about balance reporting...

policebox — Sat, 22 Mar 2014 07:16:43 GMT

A credit balance on your account will report to the CRAs as a $0 balance.

Re: Question about balance reporting...

Anonymous — Sat, 22 Mar 2014 07:44:56 GMT

@MoreInfo1 wrote:
I accidently double paid my Barclays credit card but I'm showing a negative available balance with a current balance below my limit. My statement will cut on the 23rd and usually reports to CRAs a day or two after statement cuts. How will my balance report on my credit reports?

Here's an example:
Credit limit: $1500
Balance: $500
Accidently paid $1000
Available balance: -$500
Current balance: $1400

Does Barclay normally do this if you accidently paid more than you owe? Unfortunately, I had pre-scheduled a payment, forgot I did, scheduled another payment (I thought I had checked payment history too but didn't see the first one so I scheduled it the second time), then they both came out of my account the same day two days later.

How come your current balance is $1400?

Did you spend $1900 rignt now? (your statement cuts tomorrow, 23rd)

Re: Question about balance reporting...

MoreInfo1 — Sat, 22 Mar 2014 13:30:37 GMT

Joshua, oops, I meant current available credit is 1400$ and current balance is -$500. I only realized after the payment had cleared through my bank and since then, I've been using the card for my gas purchases. Still, it has been over a week since the payment cleared through my bank/posted on my credit card and it's still showing like this so I was worried it would show up weird on my credit report. I'm house hunting and don't want anything affecting my current score.

Re: Question about balance reporting...

Anonymous — Sat, 22 Mar 2014 16:42:31 GMT

@MoreInfo1 wrote:
Joshua, oops, I meant current available credit is 1400$ and current balance is -$500. I only realized after the payment had cleared through my bank and since then, I've been using the card for my gas purchases. Still, it has been over a week since the payment cleared through my bank/posted on my credit card and it's still showing like this so I was worried it would show up weird on my credit report. I'm house hunting and don't want anything affecting my current score.

Oh okay, right-!! In this case, your available credit doesn't matter since, it only makes sense after the transactions are posted to your account to actually reflect a new balance. In your case, the balance is still -$500. Granted that no transactions are posted to your account by tomorrow (23rd), your balance reported to the CR's will be $0 (also as mentioned by others here).

Hopefully your gas purchases does not come through as a charge today or tomorrow before their cutoff time for statement. ....My pleasure......